Vignette is expected to become a wholly owned subsidiary of Open Text. The deal will see Vignette stockholders get US$ 8 per share plus 0.1447 of Open Text stock.

The deal is expected to close the second half of this year. The news saw Open Text shares fall by 85 cents. Vignette's shares however soared US$ 3.32 -- a sign that shareholders see this as good news for the struggling enterprise content management firm.

"Vignette's customers represent some of the world's most powerful online brands and we are excited about the opportunity to expand the relationship with these customers and partners," Open Text Chief Executive John Shackleton said in a statement.

We are waiting on more details. When we get them, we'll be sure to pass them on.